economy is headed towards something called the fiscal cliff, on january 1st. $6 trillion in tax increases that will hit all working americans and $1.2 trillion in spending cuts, leading to what experts predict will be another recession. the biggest sticking point is whether the bush tax cuts for those who make more than $200,000 a year should expire. the president says they should, it's a case he made over and over on the campaign trail. >> tax cuts. tax cuts. try a tax cut. >> reporter: but yesterday, republican house speaker john boehner told diane sawyer that was a nonstarter. >> is it on the table to talk about? >> i made clear -- >> the wealthier americans pitch in. >> i made clear yesterday that raising tax rates is unacceptable. and frankly, it couldn't even pass the house. >> reporter: still, today, the president said the debate had been settled, with his victory tuesday night. >> this was a central question during the election. it was debated over and over again. and on tuesday night, we found out that the majority of americans agree with my approach. >> reporter: and he threw do